Liberty Steel owner Gupta warns creditors

Liberty Steel owner Sanjeev Gupta said there was huge interest in his company from financiers looking to refinance billions of dollars in debt to Greensill Capital, and warned lenders against actions that would lead to the destruction of thousands of jobs.

“We actually have huge interest from new financiers who are ready to support us, who are ready to refinance Greensill,” Gupta said. "In this situation, these things take time, and therefore we need to find short-term solutions."

He said it was natural that lenders wanted to defend their position and said there had been positive discussions with Grant Thornton, Greensill administrator.

"It makes no sense for them or any of the creditors to destroy jobs, but more importantly, to destroy the company that will give them recovery."

He said his business owes “many billions” of pounds to Greensill, but he expected other financiers to support him.

“That's many billions, but also remember that we are one of the largest steel companies in the world, a very significant aluminum business and a significant renewable energy business, so it should be reflected in this light,” Gupta said.

He said, "None of our metallurgical plants under my control will be shut down."